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Brisbane Rental Market Snapshot - August / September 2020

With strict border closures still in place due to COVID-19 we have seen some interesting developments in the Brisbane rental market over the last few months.

Lack of international students and minimal tourist travel have caused many short term rental options in the inner city to come on to the longer term rental market. This has caused an increase in supply and a drop in market rents. We are seeing rental drops of $20 or so per week and tenants are spoilt for choice.

However, tenant enquiry in the inner and some parts of the outer Brisbane housing market remains strong and in some cases has increased with interstate demand, particularly from Victorians moving to the state for work, local tenants looking to move to more economical areas to reduce living costs or local property sellers looking to rent for a period. The supply of rental properties is not keeping up with demand and is causing properties to lease out very quickly with multiple applicants after only one inspection (with limited numbers of tenants able to attend). This means that if you are a new arrival to Brisbane, you must have rental applications lodged as quickly as possible (in some cases prior to any inspections being granted), you must have all identification and financial information included, you must be able to more than satisfy affordability criteria and referees must respond to reference request in a timely manner or you may miss out. You must be on top of new listings. Certain properties are even renting out prior to listing, so keep in touch with agents and get yourself known among the main agents in the area you are searching in so you are kept informed of developments and can be presented favourably to owners when you do make an application.

Habitat Relocations has continued helping clients with their searches during this challenging COVID period, so do not hesitate to contact us so we can discuss your circumstances and help you successfully navigate the current rental market.

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